Rite Aid disclosed it was no longer in compliance with New York Stock Exchange ‘continued listing standards” and needs to take measures to boost its share price to regain good standing.
The price of Rite Aid shares was trading at less than 55 cents a share Wednesday afternoon.
“Under the NYSE rules, the Company is provided with certain cure periods and the Company’s common stock will continue to be listed and traded on the NYSE during the cure periods, subject to the Company’s compliance with other continued listing requirements,” Rite. Aid said Wednesday. “The current noncompliance with the NYSE listing standards does not affect the Company’s ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements, nor does it trigger any violation of its material debt or other obligations.”
Rite Aid, which operates XXXXX in XXXXX, has been losing money for several years now and
the Company has been engaged in reviewing and continues to review strategic alternatives to recapitalize, refinance or otherwise optimize its capital structure (the “Ongoing Review”), which may ultimately result in the Company pursuing one or more significant corporate transactions or other remedial measures. The Ongoing Review includes an evaluation of available options to regain compliance with the NYSE’s continued listing standards. The Company can provide no assurances that it will be able to regain compliance with the NYSE’s continued listing standards or otherwise and maintain the listing of its shares on the NYSE or the results of the Ongoing Review.
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